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Mr Reda Farid, Home Buyer in 18034


Asked by Mr Reda Farid, 18034 Sat Jan 16, 2010

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Mr. Reda Farid,

There are several issues going on in Grand Venezia, where the street Via Murano is located. It was part of a large project where Grand Bellagio on one side was to be residential and Grand Venezia on the other side was going to be more the condo-tel rental-resort set up. Needless to say it did not work out that way.

The Grand Bellagio side seems to be stablelilzing. Some banks are loaning, the clubhouse is open and I believe the last homeowners notice this month said the delinquency rate is down to 16%.

The Grand Venezia side has a long way to go. That being said they do have a new condo association management company that appears to be agressively going after delinquencies, has begun doing repairs, and is fighting with the original management company and Celebrity which owns the clubhouse area, which yes is off limit to residents at this time. I think there is suppose to be a court hearing on this matter Jan. 20th.

90 Sales closed last year. Since I have not checked how many were resales of the same unit, discounting 10% thats still 81 units of new owners paying their fees. Are they out of the will not lend in there. It is cash only. Banks still find the risk too high. There are multiple lawsuits, a question as to who even owns the garages on units with them, and several disclosures and risk waivers that are required to be signed off on by any buyer. Yes it is a high risk venture still! Yes I insist that buyers sign off on a High Risk waiver acknowledging they understand it and still want to move forward.

That being said I have a buyer closing on one next week. He is comfortable with the risk level and very happy with his decsion. This one was a bank owned not a short sale.

Are you currently looking for a home or just browsing on line for now? I have a free service called “Listingbook”, which I provide for my clients. It is like a back door into the MLS which updates daily: price changes, solds & withdrawns, allowing you to really be able to follow and learn the market. I set up a basic search according to your guidelines. Once you are in, you can change the parameters as you need. If this is something you would be interested in let me know.


Pam Cohn
Broker Associate, GRI, CDM
Real Estate Consulting, Marketing & Sales
Prudential Tropical Realty
1 vote Thank Flag Link Sat Jan 16, 2010

The major repairs have been on the Grand Venezia side. This side is a frame and stucco construction. There was no maintenance done for a long time. They had water damage problems which were unattended in some buildings...some to the point where whole walls were replaced. I think there were different builders on each side, but I am not positive on that.

Last year Grand Venezia got a new management company that seems to be very aggressive about making repairs. Are they out of the woods There is more money coming in this year due to all the new sales, but if it is not enought to finish all the repairs owners run the risk of assessments. Banks still will not lend in there, the bank owned, short sale and pre-foreclosure and investor ratios are too high. The lawsuits with Celebrity over the clubhouse, pool, tennis courts and questions on what they (Celebrity) owns are still unresolved.

Pam Cohn
Broker Associate, GRI, CDM
Real Estate Consulting, Marketing & Sales
Prudential Tropical Realty
0 votes Thank Flag Link Sun Mar 28, 2010
The last true 3 bedroom offered by a Bank was at $154,000 furnished and it sold @ $140,000 and the closing is still pending.
The 2nd last 3 bedroom was offered at $145,000 (?) as a short sale (not REO) and the seller took it off the market.
The ones before those were were in the $160K range - as closed sales.

If you have the cash and are prepared to wait a year or 2 these prices will rise. Once all the foreclosures are sold by the banks as they come up and actual owners start moving in and taking more active control, the Banks will come back and start lending. This will open the market to a larger # of buyers and increase prices to realistic market prices.
I think the repairs generally are from neglect and no one caring for the property - this again is changing for the better and the more new owners the better it will get. I dont think if you buy now the prices will get lower - I think they have bottomed out.
0 votes Thank Flag Link Sun Mar 28, 2010
These units were built in 2001. What is the problem that these units require so many repairs?
0 votes Thank Flag Link Sun Mar 28, 2010
Prices taking a big jump? The bank was asking 120000 for this 3/2 .We should find out soon how much it actually went for. As far as the lawsuit, that will be years before the owners who are suing will get anywhere.
Anybody can buy in here it just depends on if you have cash and how much risk are you willing to take.
And whether you want to pay 800 a month for the HOA and wait for the taxes to drop. Other than that it is a terrificily empty place to live in.
0 votes Thank Flag Link Sat Feb 6, 2010
what has happened about the Lawsuit? It lloks like prices have taken a big jump?
0 votes Thank Flag Link Sat Feb 6, 2010
Bottom line: this may be one of the riskiest investments in the county. If you have a high tolerance for risk and future possibilities of more money required to cover expenses and make repairs this could become a good buy but it could take years to get everything settled.

If you are up for it I will be glad to help you. If you'd something similar I can help you there as well.

MarthaVasquez, TRC
Realty Resources
0 votes Thank Flag Link Sat Jan 16, 2010
Not only are there financial problems there is a lot of leagal issues. The dock is closed to the community.
Monthly fees are in the 800 dollar a month range. People are suing current and previous management and with so many units not owner occupied it is impossible to get a loan. You have to treat these units as cash only. Prices have not stabilized in the community yet and they may not for a couple of years.
If you are interested please consider giving me a call.
0 votes Thank Flag Link Sat Jan 16, 2010
too many repairs needed to the buildings caused too many foreclousres caused the association to have financial problems and it became a vicious cirlcle. But at the right price for the units it may all straighten out.
Tobie Greenberg
Success Realty
727 446-4455
0 votes Thank Flag Link Sat Jan 16, 2010
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